The Nigerian naira remained largely steady against the US dollar on Tuesday, July 21, 2026, in both the official Nigerian Foreign Exchange Market, NFEM, and the parallel market, as traders watched FX liquidity and awaited the outcome of the Central Bank of Nigeria’s Monetary Policy Committee meeting.
CBN figures showed the official exchange rate at about ₦1,380/$1 recently, while the volume-weighted average rate closed at ₦1,380.18 per dollar on the most recent trading day
In the parallel market, commonly referred to as the black market, the dollar exchanged at approximately:
- Buying rate: ₦1,410 per US dollar
- Selling rate: ₦1,425 per US dollar
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Rates may differ slightly based on location, dealer, and transaction size. The spread between the official and parallel market rates has stayed relatively tight compared to previous years, a reflection of better liquidity in the formal FX market following CBN reforms.
Analysts, however, note that dollar demand from importers and businesses continues to drive price movements in the parallel market.
Market observers are also tracking developments in Nigeria’s monetary policy. The CBN has maintained a cautious approach as it works to keep exchange rate stability and rein in inflationary pressures.
